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Friday, 18 January 2019

Easier way of completing the esteemed course of study with the help of education loan

Now days, gathering a certificate of degree from colleges is
becoming a more expensive task. Students have the opportunity to get a help
from the facility of education loan to fulfil their dreams of acquiring a
degree, particularly if the savings of the family of students fall short.
Students can pay back their loan after they get jobs. So the criteria of
education loan and its process become very popular and helpful to students.

Eligibility to get
education loan

Any students who would like to study their diploma, graduation, post
graduation, Bio-technology, medicine,all streams of engineering, architecture and any other technical course
can apply for education loan. Especially applicants who want to study in India
should have the Indian nationality- and the age of the students should be in
between of 18 years to 35 years. They should get the confirmation of their
admission into any college or university which has the recognition from the
Government or AICET or UCG. This recognition is mandatory to get an education
loan. In some cases like vocational courses such as air-hostess, business
management and aviation training courses are also coming into consideration.

Required documents for
loan

The proof of identity of both applicant and his/her parent or co-applicant
and address. Admission letter by the applicant regards his course from the
college or university. A detailed estimations of cost to complete the course. Students
academic marks memorandum or complete mark sheets are required. Students should
give the detailed information of asserts, properties and liabilities of his
parent/co-applicant. student and his parent or co-applicant needs to give the
copy their PAN cards, Salary slips, IT returns documents and form 16. student
and his parent or co-applicant needs to give the copy their PAN cards, Salary
slips, IT returns documents and form 16 along with the complete loan
application. Here the primary debtor should mentioned as the parent or
co-applicant.

What will be covered under
this loan

Exam, semester and library fees, the cost of books and
accommodation, all charges, including travelling charge with a broad study, the
cost of necessary technical equipment, the cost of a calculator, a laptop, all
expenditures related to education are coming into this education loan.

How much amount is financed by education loan

Students can be financed the amountin between 4 lakhs to 15 lakhs with different rates of interest from
different banks in India. For abroad or oversea studies student can offer an
amount nearly Rs. 20 lakhs. For the amount of Rs. 4 lakhs loan only a
co-applicant or parent is enough, for the amount of Rs. 4 lakhs to Rs. 7.5
lakhs one guarantor of third-party should needed for the amount more than Rs.
7.5 Lakhs the brief note and statement of assets of the parent and collateral
will be submitted to the bank.

Tax benefits of education
loan

Education loan has been getting a relief of tax payment on the repayment
of interest for students up to the maximum time period of 8 years, according to
the section of 80E of IT act.